Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,460 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,450 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,450 | $748,383 | 0.33% | F |
| 4BR | $2,880 | $914,289 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 97004 presents a unique scenario for landlords and small-portfolio investors considering Section 8 tenants. With a population of 4,496, only 8.0% of residents are renters, indicating that this area is predominantly homeowner-dominated rather than renter-heavy. This low percentage of renters suggests that the demand for rental properties using vouchers, such as Section 8, will be relatively scarce.
The median household income in 97004 is $112,667, which is significantly higher than the national average. The typical market rent for the area is $1,342, which consumes approximately 11.9% of the median household income. This calculation is derived from dividing the monthly rent by the annual income and multiplying by 12. Given the Federal Market Rent (FMR) for the area is set at $1,890 for fiscal year 2024, the actual market rent is below the FMR threshold, suggesting that landlords might find it easier to attract tenants with vouchers.
However, due to the high median income, landlords should expect that most tenants will be able to afford higher rents without assistance. Those who do use vouchers will likely be from households with lower incomes relative to the area's median, making them less common in the rental market. Therefore, landlords in 97004 should prepare for a tenant pool that is primarily composed of individuals and families who can pay market rates, with a smaller subset potentially relying on Section 8 vouchers.
To summarize, while there is some potential for Section 8 tenants in ZIP 97004, the overall environment is more suited for those who can pay the full market rate of $1,342 per month. The FMR of $1,890 provides a benchmark for rental pricing, but the reality of the market is likely to be influenced by the strong economic conditions and high income levels of the area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.